A recent report by Verisk reveals that the total cost of roof repair and replacement reached nearly $31 billion in 2024, marking a nearly 30% increase since 2022. Wind and hail are the primary drivers of these costs, with these weather events responsible for more than 50% of all residential roof-related claims.
Key takeaways for roofers:
- Shorter Roof Lifespan in Severe Weather Areas:
- In hail-prone states like Missouri and Kansas, the average roof lifespan is just 8 years due to constant exposure to severe weather. In contrast, areas with milder climates like Nevada, Arizona, and Utah see roofs last 22 years on average.
- 29% of U.S. homes with asphalt shingles have less than 4 years of remaining roof life, leading to higher vulnerability to damage during severe weather.
- Cost Breakdown of Roof Losses:
- Roof-related claims accounted for more than 25% of all residential claim values in 2024.
- Hail and wind events have become increasingly prevalent, particularly affecting roofs that are already near the end of their lifespan.
- Impact of Aging Roofs:
- States such as West Virginia, Connecticut, New Jersey, and Massachusetts have the highest percentage of homes with roofs having less than 4 years of remaining life. These regions face 50% more damage during severe weather than roofs with more than 8 years left.
- In regions with frequent weather events, aging roofs can increase overall repair costs by up to 30%.
- Asphalt Shingles Are Most Common, But Riskier in Stormy Areas:
- Asphalt shingles are used on 80% of U.S. roofs. However, these shingles are prone to faster wear and tear in storm-prone areas.
- Roofs in these areas need to be replaced sooner and with more durable materials to withstand hail and wind.
- Growing Demand for Roof Replacements:
- With ongoing severe weather and many roofs nearing the end of their life, roof repair and replacement costs will continue to rise. Roofers should target these vulnerable homes, especially in areas with significant storm damage.
Actionable Takeaways for Roofers:
- Focus on high-risk areas with a high percentage of homes needing roof replacements within the next 4 years.
- Promote durable roofing materials like impact-resistant shingles or metal roofing in hail-prone regions.
- Offer preventive maintenance services, as insurance data shows roofs in poor condition face higher damage rates during storms.
- Partner with insurance companies to provide value-added services, such as proactive roof assessments, to reduce future claims and prevent costly repairs.
The growing severity of weather events means that roofers have an opportunity to educate homeowners on the importance of upgrading to more resilient roofing materials and provide timely repairs before costs rise even further.
